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Financial Services Law Insights and Observations

OFAC issues Russia-related general licenses and FAQs

Financial Crimes OFAC Department of Treasury Of Interest to Non-US Persons Russia OFAC Sanctions OFAC Designations

Financial Crimes

On June 14, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued Russia-related General License (GL) 8C, which authorizes (with certain enumerated exceptions) transactions related to energy. According to the GL, all transactions prohibited by Executive Order (E.O.) 14024 involving entities that are related to energy are authorized, through December 5, 2022, under certain circumstances. OFAC also published amended FAQs, which provide further information on GL 8C, and clarify Russian sanction information under E.O. 14024, among other things.